Ann: Lance Production to Restart in 2024 under Revised LOM Plan, page-143

Sure. But my understanding is the low PH method is applied in Kazakstan where it obviously works well. PEN also tested it on the ore, which also worked well. Those are lab conditions so yes there are some risks.

To your point on UEC... The main issue with your logic is the time line. UEC only very recently acquired the new projects. At that time PEN was already well into the process of going to production themselves. There was simply no chance to fully change course because within months the contract was canceled (Again quite possibly partly because PEN asked for assurances...) Had UEC bought these project years ago, or already owned them then your point would be valid. In this case I just don't think there is a whole lot PEN's management did wrong. Just unlucky.

Dilution will happen for sure.

But as a holder of AGE I know you are all over that one. Do you think AGE won't need to raise cash on several occasions before going into production? Don't you think there are still massive technical and regulatory risks and hurdles ahead of them? Don't you think they will face similar challenges when they actually start building a mine at some time in the future (surely several years away) on their currently considerably smaller resource? Yet they trade a 1.5x the price.

So what makes you think AGE is a saver investment? Or are you just wanting to ride the hype and sell out when they get to the nitty gritty of it?

For clarity I hold AGE. I like their exploration upside and the ISR project in SA. But I think they have way more cash to raise and a lot more hurdles to get to production then PEN.